Although listed as the 15th largest cryptocurrency in terms of market capitalization courtesy of its $5.45 billion overall valuation, the digital asset’s current value is not something to be happy about especially for holders and investors.
At the time of this writing, according to data from Coingecko, the Shiba Inu meme crypto is changing hands at $0.00000925 and has only managed to register an increase of 2.5% over the last seven days.
It is several steps away from Dogecoin, its fellow novelty dog-themed altcoin which has jumped by 22% during the same time period to trade at $0.099840.
Still, even with this kind of lousy performance, Shiba Inu continues to get the attention of big time investors as once again, it ends up as the top asset being held by Ethereum whales.
SHIB Still Tops List Of Coins Being Held by Crypto Whales
Crypto whale tracker Whalestats recently shared via Twitter some information about the top assets that currently makes up part of the portfolio of the top 500 Ethereum whales.
According to the data, Shiba Inu emerged as the top coin being held by these investors, accounting for a total value of $76,576,704.
Crypto whales love Shiba Inu. Image: WBUR.
Interestingly, these hodlers are also in possession of over $50 million worth of unknown token while Uniswap (UNI) managed to crack the top 3 as the whales were holding more than $45 million worth of the token.
At a first glance, this development comes as a surprise as SHIB is having a dismal year and is rumoured to finally bit the dust by 2023.
However, it would appear that Ethereum whales are continuing to hold the crypto at a high regard as they continue to make it part of their financial riches.
🐳 The top 500 #ETH whales are hodling
Whale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/9ATG4ys061
— WhaleStats (tracking crypto whales) (@WhaleStats) November 30, 2022
Whales Might Be On To Something As Metrics Show SHIB Might Surge Soon
Although SHIB is not making significant progress in terms of increasing its value right now, its Market Value to Realized Value (MVRV) ratio continues to rise, signaling the asset could be primed for an upward breakout soon.
Its social dominance also showed strong signs of life last week, spiking on more than one occasion, indicating that the asset has the crypto community’s attention.
Moreover, just recently, Shiba Inu was put in the spotlight as it was allowed to be used as payment for a certain brand of a Swedish sports car.
Finally, net deposit on exchanges for SHIB remain low, suggesting that there is no overwhelming selling pressure to continually pull it down to lower price levels.
What awaits the meme crypto remains as anyone’s guess at this time, but maybe Ethereum whales are looking at the bigger picture of being rewarded handsomely by playing the long holding game.
SHIB total market cap at $5.02 billion on the daily chart | Featured image from Pexels, Chart: TradingView.com